Livonia, Northville, and Plymouth’s Business Entity Formation Attorney
One of the initial considerations that an entrepreneur makes when starting a business is what business entity to operate under. How your company is established will determine how much personal risk you are willing to take, how investments will be made in your business, how you will interact will other owners, and even how you draw your paycheck.
While “Do it yourself” is a popular slogan for business owners these days, there are real costs and risks to doing so in business entity formation. Missteps early in the formation process can cost serious money down the road and add personal liability risk if your formation documents do not take all contingencies and challenges into account.
Considerations When Starting a New Business
Entrepreneurs have great flexibility in choosing the entity that best fits their need. Matt Devitt Law, PLC will look at the key factors to help guide the best decision for current and future operation of the business.
Type and Number of Owners
Protecting Personal Assets from Entity Liabilities
Flexibility Needed in Capital Structure
How the Business Will be Managed
Transferability of Ownership
How the New Entity Will be Funded
Support Operational Tax Issues
Choosing the right entity is not an easy task, as there are advantages and disadvantages to each type entity.
Limited Liability Company (LLC) – An LLC offers flexibility, protection and minimal administrative hassles.
Corporation (Inc.) (C or S) – These entities both require more administrative tasks and formalities. There are however advantages to forming either one which is why consulting with a business attorney is a must.
Limited Partnership (LP) and Limited Liability Partnerships (LLP) – The limited partnership offers liability protection for the limited partners who are treated as investors. There is no liability protection for the general partner, who retains most of the control of the business.
Professional Limited Liability Company (PLLC) – This is similar to the limited liability company form, but designed for restricted professional activities only.
Professional Corporation (PC) – This is similar to the corporation form, but designed for restricted professional activities only.
By working with Matt Devitt Law, PLC regarding the formation of your business:
You will receive valuable advice about the type of entity that best fits your business goals.
Your documents will be will be customized to your specific goals and business needs.
Whether addressing your business operating agreement, employment contracts for key players of the business, business partnership contract, corporate bylaws or any other business document, these agreements should be crafted with great precision. Matt will review, negotiate and draft contracts in a manner that avoids ambiguity, and reduces the risk of future business litigation.
Cost of Business Formation
We understand that businesses have budgets and understanding what something will cost upfront is very important to entrepreneurs. At Matt Devitt Law, PLC we are proud to offer flat fee pricing for the formation of your company. Flat fee pricing promotes more communication between the attorney and entrepreneur which is key during the setup process.
Matt looks forward to helping you get your business off the ground with an eye toward its future prosperity and your own personal protection. Call today to discuss your options.
Proudly Serving Livonia, Northville, and Plymouth Areas
39111 Six Mile Rd
Livonia, Wayne County 48152